Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0098%/8h= −10.7% APRpaid last 24h −0.069%

Price spread now: gTrade (Gains Network) against HTX−0.226%51s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on HTX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.226% cheaper against HTX than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.450	0.0100	pay 0.0050% / 4h	2h 23m	$1.4M	$6.5M	75x
Short	gTrade (Gains Network) HYPE/USD	93.239	L +0.0002% / S −0.0002%	get 0.0000% / 1h	23m 23s	$62K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against HTX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HTXbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.226%Rate

Funding earned: −$20.54
Price spread: −0.226% → 0.000%: −$22.63
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$65.17
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 1 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy HTX live order book, 1 min ago	1.02 bp	11.4 bp −$11	17.0 bp −$170	52.4 bp −$5,244	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1424%	1h	93.245	−0.219%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0377%	1h	93.214	−0.253%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.266	−0.197%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.199	−0.269%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.238	−0.227%	$145K	$672K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.211	−0.256%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.304	−0.157%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.246	−0.219%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0002%	1h	93.239	−0.226%	$62K	—	150x
Arcus HYPE-USD	+0.0011%	1h	93.171	−0.299%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.247	−0.217%	$225.0M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.230	−0.235%	$316.6M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.255	−0.209%	$207K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0032%	1h	93.240	−0.225%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	93.318	−0.141%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.373%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.290	−0.171%	$339K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.288	−0.173%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.288	−0.173%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.191	−0.277%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.190	−0.278%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.210	−0.256%	$8.0M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.243	−0.222%	$2.03B	$665.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.227	−0.239%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.258	−0.205%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.226	−0.240%	$373.8M	$911.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.257	−0.207%	$114.4M	$309.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.236%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.208	−0.259%	$46.9M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.200	−0.268%	$90.4M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.193	−0.275%	$46.1M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.216	−0.250%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.341	−0.117%	$7.1M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.407%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.294	−0.167%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	−0.380%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.345	−0.112%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	−0.179%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.208	−0.259%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.275	−0.187%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.258	−0.205%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.224	−0.242%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.278	−0.184%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	93.450	long leg	$1.4M	$6.5M	75x
Extended HYPE-USD	+0.0104%	1h	93.247	−0.217%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.249	−0.215%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.314	−0.146%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.140	−0.332%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.250	−0.214%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.183	−0.286%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.221	−0.245%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.312	−0.148%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.327	−0.132%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0436%	1h	93.348	−0.109%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.269	−0.193%	$3.2M	$6.2M	20x	as long as short